Explorer

During the year the issuer acquired multiple businesses and determined the fair value of certain acquired intangible assets using cash-flow forecasts. The firm's approach for substantively testing the valuation of these acquired intangible assets was to test the issuer's process. The following deficiency was identified: · For one of these acquired intangible assets the firm did not evaluate the reasonableness of a significant assumption that the issuer used in these cash-flow forecasts. (AS 2501.16)

During the year the issuer acquired multiple businesses and determined the fair value of certain acquired intangible assets using cash-flow forecasts. The firm's approach for substantively testing the valuation of these acquired intangible assets was to test the issuer's process. The following deficiency was identified: · For another of these acquired intangible assets the firm did not test the accuracy and completeness of certain issuer-produced data that a company's specialist used to develop a significant assumption that was used in these cash-flow forecasts. (AS 1105.A8a)

The firm's substantive procedures to test certain acquired deferred revenue consisted of selecting a sample of transactions for testing. The firm's sample was too small to provide sufficient appropriate audit evidence because in determining the sample size the firm did not take into account tolerable misstatement the allowable risk of incorrect acceptance and the characteristics of the population. (AS 2315.16 .23 and .23A)

The firm selected for testing a control that consisted of the issuer's review of the assets acquired and liabilities assumed. The firm did not evaluate the specific review procedures that the control owner performed to assess the appropriateness of the recorded amounts of certain assets acquired and liabilities assumed. (AS 2201.42 and .44)

During the year the issuer acquired multiple businesses and engaged specialists to determine the fair value of certain acquired intangible assets using various assumptions. The following deficiencies were identified: · The firm selected for testing three controls that consisted of the issuer's reviews of the fair value of these acquired intangible assets. For two of these controls the firm did not evaluate the criteria the control owners used to identify items for follow-up when assessing the reasonableness of certain assumptions used. (AS 2201.42 and .44)

During the year the issuer acquired multiple businesses and engaged specialists to determine the fair value of certain acquired intangible assets using various assumptions. The following deficiencies were identified: · The firm selected for testing three controls that consisted of the issuer's reviews of the fair value of these acquired intangible assets. For the third control the firm did not evaluate the review procedures that the control owners performed including the procedures to identify items for follow up and the procedures to determine whether those items were appropriately resolved. (AS 2201.42 and .44)

During the year the issuer acquired multiple businesses and engaged specialists to determine the fair value of certain acquired intangible assets using various assumptions. The following deficiencies were identified: · The firm did not identify and test any controls over the accuracy and completeness of certain issuer-produced data that the company's specialist used to develop certain of these assumptions. (AS 2201.39)

During the year the issuer acquired multiple businesses and engaged specialists to determine the fair value of certain acquired intangible assets using various assumptions. The following deficiencies were identified: · The firm did not test or test any controls over the accuracy and completeness of certain issuer-produced data that the company's specialist used to develop certain of these assumptions. (AS 1105.A8a)

During the year the issuer acquired multiple businesses and engaged specialists to determine the fair value of certain acquired intangible assets using various assumptions. The following deficiencies were identified: · The firm did not evaluate whether the issuer was required to make certain disclosures related to these business combinations in conformity with FASB ASC Topic 805 Business Combinations beyond asserting that these disclosures were either not material to the financial statements or not applicable. (AS 2301.08)

During the year the issuer acquired a business and determined the fair value of certain acquired intangible assets using cash-flow forecasts. The issuer recorded subsequent adjustments to the provisional fair value of these acquired intangible assets during the measurement period. The following deficiencies were identified: · The firm selected for testing controls that consisted of the issuer's reviews of the fair value of these acquired intangible assets including the assumptions used in these cash-flow forecasts. The firm did not evaluate the specific review procedures that the control owners performed to assess (1) the reasonableness of certain of these assumptions and (2) whether the subsequent adjustments were based on new information obtained about facts and circumstances that existed as of the acquisition date. (AS 2201.42 and .44)

During the year the issuer acquired a business and determined the fair value of certain acquired intangible assets using cash-flow forecasts. The issuer recorded subsequent adjustments to the provisional fair value of these acquired intangible assets during the measurement period. The following deficiencies were identified: · The firm's approach for substantively testing the valuation of these acquired intangible assets was to test the issuer's process. The firm did not perform any procedures to evaluate the reasonableness of certain significant assumptions used in these cash-flow forecasts. (AS 2501.16)

During the year the issuer acquired a business and determined the fair value of certain acquired intangible assets using cash-flow forecasts. The issuer recorded subsequent adjustments to the provisional fair value of these acquired intangible assets during the measurement period. The following deficiencies were identified: · The firm did not perform any substantive procedures to evaluate whether the issuer's subsequent adjustments were based on new information obtained about facts and circumstances that existed as of the acquisition date. (AS 2301.08)

During the year the issuer acquired multiple businesses and determined the fair value of certain acquired intangible assets using cash-flow forecasts. The following deficiencies were identified: · The firm selected for testing controls that consisted of the issuer's reviews of the fair value of these acquired intangible assets including the assumptions and data used in these cash-flow forecasts. For one of these controls the firm did not evaluate the specific review procedures that the control owner performed to assess the reasonableness of certain of these assumptions. (AS 2201.42 and .44)

During the year the issuer acquired multiple businesses and determined the fair value of certain acquired intangible assets using cash-flow forecasts. The following deficiencies were identified: · The firm selected for testing controls that consisted of the issuer's reviews of the fair value of these acquired intangible assets including the assumptions and data used in these cash-flow forecasts. For one of these controls the firm did not identify and test any controls over the accuracy and completeness of certain of these data for one of these acquired businesses. (AS 2201.39)

During the year the issuer acquired multiple businesses and determined the fair value of certain acquired intangible assets using cash-flow forecasts. The following deficiencies were identified: · The firm used certain data in its substantive testing of one of these acquired businesses but did not perform any procedures to test or test any controls over the accuracy and completeness of these data. (AS 1105.10)

During the year the issuer entered into a transaction and engaged a specialist to assist it in determining the fair value of certain long-lived assets recorded in connection with the transaction. The following deficiencies were identified: · The firm did not identify and test any controls over the accuracy of certain issuer-produced data that the company's specialist used to determine the fair value of these long-lived assets. (AS 2201.39)

During the year the issuer entered into a transaction and engaged a specialist to assist it in determining the fair value of certain long-lived assets recorded in connection with the transaction. The following deficiencies were identified: · The firm did not test or test any controls over the accuracy of these issuer-produced data that the company's specialist used to determine the fair value of these long-lived assets. (AS 1105.A8a)

During the year the issuer acquired a business. The issuer assigned certain acquired loans a risk rating which was a significant assumption in estimating the fair value of the acquired loans. The following deficiencies were identified: · The firm selected for testing a control that consisted of the issuer's review of the credit quality of these acquired loans including the assigned loan risk ratings. The firm did not evaluate the specific review procedures that the control owners performed to assess the reasonableness of the assigned loan risk ratings. (AS 2201.42 and .44)

During the year the issuer acquired a business. The issuer assigned certain acquired loans a risk rating which was a significant assumption in estimating the fair value of the acquired loans. The following deficiencies were identified: · The firm's approach for substantively testing the valuation of these acquired loans was to test the issuer's process. The firm selected a sample of acquired loans for testing. The firm did not evaluate whether the issuer had a reasonable basis for the assigned loan risk ratings for these acquired loans. (AS 2501.16)

During the year the issuer completed a business combination and determined the fair value of the acquired intangible assets using several assumptions. The firm selected for testing a control that included management's review of the fair value of the acquired intangible assets. The firm did not evaluate the specific review procedures that the control owner performed to assess the reasonableness of the assumptions. (AS 2201.42 and .44)

In addition as a result of the firm's testing performed in the audit of the issuer's financial statements the firm identified modifications to certain assumptions used by the issuer to determine the fair value of the acquired intangible assets. The firm did not evaluate the effect of these modifications identified in its substantive audit procedures on its conclusions regarding the design and operating effectiveness of this control. (AS 2201.B8)

During the year the issuer acquired a business. The following deficiencies were identified: · The firm did not identify and test any controls over certain assets acquired and liabilities assumed as of the acquisition date. (AS 2201.39)

During the year the issuer acquired a business. The following deficiencies were identified: · The issuer engaged a specialist to determine the fair values of certain acquired assets as of the acquisition date. The firm did not perform procedures to test or test controls over the accuracy of certain issuer-produced data used by the company's specialist to determine the fair values of these assets. (AS 1105.A8a)

During the year the issuer acquired a business. The firm selected for testing a control that included the issuer's review of the fair values of acquired assets and the related significant assumptions. The firm did not evaluate the specific review procedures that the control owner performed to assess the reasonableness of certain of these significant assumptions. (AS 2201.42 and .44)

During the year the issuer acquired a business. The firm selected for testing a control that included the issuer's review of the fair values of acquired assets and the related significant assumptions. The firm did not identify and test any controls over the accuracy and completeness of the data used in the operation of this control. (AS 2201.39)

The firm also selected for testing a control that included the issuer's review of the loan risk ratings assigned to the acquired loans. The firm did not evaluate the specific review procedures that the control owners performed to assess the reasonableness of these loan risk ratings. (AS 2201.42 and .44)

The firm also selected for testing a control that included the issuer's review of the loan risk ratings assigned to the acquired loans. The firm did not identify and test any controls over the accuracy and completeness of the data used in the operation of this control. (AS 2201.39)

The firm did not identify and test any controls over the completeness and existence of the assets acquired and the liabilities assumed at the acquisition date. (AS 2201.39)

During the year the issuer completed a business combination and issued a convertible note. The following deficiencies were identified: · The firm capitalized transaction costs related to the business combination and the convertible note issuance. The firm did not (1) evaluate whether the issuer's capitalization of these costs was in conformity with FASB ASC Topic 805 Business Combinations and (2) evaluate the reliability of certain external information it used to test these costs. (AS 1105.04 and .06; AS 2301.08)

During the year the issuer completed a business combination and issued a convertible note. The following deficiencies were identified: · The convertible note included embedded features that required bifurcation in accordance with FASB ASC Topic 815 Derivatives and Hedging. The firm did not perform any procedures to determine the fair value of these embedded features beyond asserting the value was not material as the probability of occurrence of the associated contingent events was remote. (AS 2301.08)

During the year the issuer acquired a business and engaged an external specialist to determine the fair value of the acquired intangible assets. The firm selected for testing a control that consisted of the issuer's review of the company's specialist report. The firm did not identify and test any controls over the reasonableness of certain assumptions provided by management to the company's specialist and used by the specialist in the determination of the fair value of the acquired intangible assets included in its report. (AS 2201.39)

The issuer acquired a business during the year. The firm did not perform procedures beyond inquiry of management to evaluate whether the issuer identified and properly recorded all assets acquired including patent applications trade names trademarks and service marks held by the acquired entity as identifiable intangible assets in accordance with FASB ASC Topic 805 Business Combinations. (AS 2301.08)

During the year the issuer completed multiple business combinations. The firm selected for testing a control that included a review of the cash-flow forecasts and assumptions that the issuer used in determining the fair value of the acquired intangible assets. The firm did not evaluate the review procedures the control owner performed to assess the reasonableness of the prospective financial information and certain assumptions used in determining the fair value of the acquired intangible assets including the criteria that the control owner used to identify items for follow up and whether those items were appropriately resolved. (AS 2201.42 and .44)

The firm did not perform any substantive procedures to evaluate the reasonableness of the prospective financial information and certain assumptions underlying the valuation of the acquired intangible assets. (AS 2502.26 .28 .31 and .36)

During the year the issuer completed multiple business combinations. The firm selected for testing a control that included a review of the data and assumptions used to value the acquired intangible assets but the firm did not test this aspect of the control for those business combinations for which the issuer had not yet received a final valuation report from an external valuation specialist as of year end. (AS 2201.42 and .44)

During the year the issuer acquired multiple businesses and determined the fair value of the acquired intangible assets using cash-flow forecasts. The following deficiencies were identified: · The firm did not perform sufficient substantive procedures to evaluate the reasonableness of the period of cash flows the issuer used to determine the fair value of customer-relationship intangible assets because the firm did not evaluate differences among the period of cash flows the useful lives that the issuer used to amortize such assets and the length of the issuer's historical customer relationships. (AS 2502.26 .28 .31 and .36)

During the year the issuer acquired multiple businesses and determined the fair value of the acquired intangible assets using cash-flow forecasts. The following deficiencies were identified: · The firm did not perform substantive procedures beyond reading a small number of customer contracts to evaluate the reasonableness of certain other assumptions underlying these cash flow forecasts including customer attrition rates for one of these acquisitions. (AS 2502.26 and .28)

During the year the issuer acquired multiple businesses and determined the fair value of the acquired intangible assets using cash-flow forecasts. The following deficiencies were identified: · For one of these business combinations the firm did not perform substantive procedures to test the accuracy and completeness of the historical data it used to evaluate the reasonableness of the revenue growth-rate assumptions beyond vouching amounts to unaudited financial information and reading certain customer contracts. (AS 1105.10)

During the year the issuer acquired multiple businesses and determined the fair value of the acquired intangible assets using cash-flow forecasts. The following deficiencies were identified: · For one of these business combinations the firm did not perform substantive procedures to test the accuracy and completeness of the historical data it used to evaluate the reasonableness of the revenue growth-rate assumptions beyond vouching amounts to unaudited financial information and reading certain customer contracts. (AS 1105.10) In addition the firm did not evaluate the appropriateness of the peer companies the firm used in its evaluation of the reasonableness of the forecasted revenue. (AS 2502.26 and .28)

During the year the issuer acquired multiple businesses and determined the fair value of the acquired intangible assets using cash-flow forecasts. The following deficiencies were identified: · For one of these business combinations the firm identified the issuer's omission of certain pro forma disclosures that were required under FASB ASC Topic 805 Business Combinations but did not evaluate the significance of the omitted disclosures from the notes to the financial statements. (AS 2810.30 and .31)

The issuer acquired multiple businesses and determined the fair value of the acquired intangible assets using cash-flow forecasts. The firm's approach for substantively testing the valuation of the acquired intangible assets was to review and test management's process. The following deficiencies were identified: · To evaluate the reasonableness of certain assumptions used in these cash-flow forecasts the firm compared these assumptions to both historical and industry information and identified certain differences. The firm did not perform procedures beyond inquiring of management and obtaining industry growth information used by the issuer to evaluate these differences. (AS 2502.26 .28 .31 and .36)

The issuer acquired multiple businesses and determined the fair value of the acquired intangible assets using cash-flow forecasts. The firm's approach for substantively testing the valuation of the acquired intangible assets was to review and test management's process. The following deficiencies were identified: · The firm did not perform procedures to test the accuracy and/or completeness of certain data and reports that (1) the issuer used to develop certain assumptions underlying these cash-flow forecasts and/or (2) the firm used in its procedures. (AS 2502.39)

For one of these acquired businesses the firm selected for testing a control over the accounting for the business combination including the issuer's reviews of the valuation of acquired intangible assets. The firm did not evaluate the review procedures that the control owners performed including the procedures to identify items for follow up and the procedures to determine whether those items were appropriately resolved. (AS 2201.42 and .44)

For one of these acquired businesses the firm selected for testing a control over the accounting for the business combination including the issuer's reviews of the valuation of acquired intangible assets. The firm did not identify and test any controls over the accuracy and completeness of certain information that the control owners used in the operation of this control. (AS 2201.39)

The firm's approach for substantively testing the fair values of the acquired intangible assets and consideration transferred was to test the issuer's process. The following deficiencies were identified: · For another acquired business the following deficiencies were identified: o The firm did not evaluate the reasonableness of certain assumptions the issuer used to determine the fair values. (AS 2501.16)

The firm's approach for substantively testing the fair values of the acquired intangible assets and consideration transferred was to test the issuer's process. The following deficiencies were identified: · The firm did not perform procedures to evaluate whether the accounting for contingent payments to certain sellers in these business combinations was in conformity with FASB ASC Topic 805 Business Combinations. (AS 2810.30)

During the year the issuer acquired multiple businesses and determined the fair values of the acquired intangible assets and consideration transferred using forecasted cash flows and other assumptions. Each business combination contained provisions for contingent consideration to be paid to the sellers. The following deficiencies were identified: · The firm selected for testing two controls over the preliminary valuation of acquisitions that included reviews of the assumptions the issuer used in these forecasted cash flows and other assumptions the issuer used to determine these fair values. The firm did not evaluate the specific review procedures that the control owners performed to assess the reasonableness of these assumptions. (AS 2201.42 and .44)

During the year the issuer acquired multiple businesses and determined the fair values of the acquired intangible assets and consideration transferred using forecasted cash flows and other assumptions. Each business combination contained provisions for contingent consideration to be paid to the sellers. The following deficiencies were identified: · The firm selected for testing two controls over the preliminary valuation of acquisitions that included reviews of the assumptions the issuer used in these forecasted cash flows and other assumptions the issuer used to determine these fair values. The firm did not identify and test any controls over the accuracy and completeness of certain information that the control owners used in the operation of these controls. (AS 2201.39)

During the year the issuer acquired multiple businesses and determined the fair values of the acquired intangible assets and consideration transferred using forecasted cash flows and other assumptions. Each business combination contained provisions for contingent consideration to be paid to the sellers. The following deficiencies were identified: · The firm selected for testing one control over the final valuation of acquisitions that included the review of data that the company's specialist had used to develop certain assumptions that were used to determine these fair values. The firm did not evaluate the specific review procedures that the control owners performed to assess the reliability of these data. (AS 2201.42 and .44)

During the year the issuer acquired multiple businesses and determined the fair values of the acquired intangible assets and consideration transferred using forecasted cash flows and other assumptions. Each business combination contained provisions for contingent consideration to be paid to the sellers. The following deficiencies were identified: · The firm did not test the aspects of the above controls that addressed the issuer's evaluation of the accounting for contingent consideration in these business combinations. (AS 2201.42 and .44)